NZD/USD: bulls were spooked by their own audacity

NZD/USD: bulls were spooked by their own audacity

2019-11-11 • Updated

On the NZD/USD daily chart, the bulls managed to kick the quotes out of the downward trading channel. But the bears were strong enough not to allow the bulls to move higher. There is a consolidation range within 0.696-0.705  levels. A breakout of its lower border will allow us to count on the implementation of 113% and 161.8% targets in the Crab and AB = CD patterns.

On the NZD/USD hourly chart, the expanding wedge pattern has been formed. A rollback towards 38.2% and 50% levels from the 4-5 wave can be used for opening short positions.

Recommendations:

SELL 0,701 SL 0,7065 TP 0,691,

SELL 0,702 SL 0,7075 TP 0,692,

BUY 0,7045 SL 0,699 TP 0,715. 

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